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Author Topic: [2018-05-25]India may Change Its Decision to Ban Digital Currencies and Tax them  (Read 48 times)
Vladdirescu87
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May 25, 2018, 12:07:12 PM
 #1

The Indian government is expected to impose a tax on cryptocurrency trading, Bloomberg reported on May 23. An 18-percent Goods and Services Tax (GST) is being investigated by the Central Board of Indirect Taxes and Customs. Then the final decision has to be made by the GST Council.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/india-may-change-decision-to-ban-digital-currencies/



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May 25, 2018, 07:26:58 PM
 #2

In India, two contradictory documents come into force at the same time from July 1 - the Reserve Bank of India's instruction to ban other banks from providing services in the crypto currency and about imposing an 18 percent tax on operations with crypto currency. It is more profitable for the state to introduce taxation than to prohibit what can not be forbidden.

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May 25, 2018, 08:38:13 PM
 #3

In India, two contradictory documents come into force at the same time from July 1 - the Reserve Bank of India's instruction to ban other banks from providing services in the crypto currency and about imposing an 18 percent tax on operations with crypto currency. It is more profitable for the state to introduce taxation than to prohibit what can not be forbidden.
Probably now it is a way of all who is afraid to legalize cryptocurrency. All wait for approval. It is interesting whether someone trusts in the regulator which will give the command - it is legalized?

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May 25, 2018, 11:07:32 PM
 #4

In India, two contradictory documents come into force at the same time from July 1 - the Reserve Bank of India's instruction to ban other banks from providing services in the crypto currency and about imposing an 18 percent tax on operations with crypto currency.

since last year they constantly attacked bitcoin by calling ponzi scheme bitcoin, so sooner or later they would take the measure of ban other banks from providing services in the crypto currency, I wonder how people in India will have bitcoin. even here in the forum had a time where many scammers were from india and they stole many bitcoins without offense but this will even harm innocent people and at the same time the scammers must be gnawing their fingers because they have just lost their gold mine

It is more profitable for the state to introduce taxation than to prohibit what can not be forbidden.

well, they know it, so I think it's political lack of will

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May 26, 2018, 04:33:01 PM
 #5

Silly. 18% every time you buy or sell it? Australia tried that for a bit and rapidly abandoned it. It's not a good.

The most sensible tax is capital gains when you sell and your profit is above a certain threshold and the bog standard VAT just like everything else if you're buying stuff with it.

And considering what India was willing to do to its population when it came to cash and gold I can't imagine it's going to flourish for long.

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May 26, 2018, 07:07:20 PM
 #6

Silly. 18% every time you buy or sell it? Australia tried that for a bit and rapidly abandoned it. It's not a good.

The most sensible tax is capital gains when you sell and your profit is above a certain threshold and the bog standard VAT just like everything else if you're buying stuff with it.

And considering what India was willing to do to its population when it came to cash and gold I can't imagine it's going to flourish for long.

As far as I understand only the receiver (or buyer of BTC in our case) pays the tax. It would be very silly if both, the buyer and the seller, were obliged to pay the tax but it is not the case imo. CMIIW.

Regarding the India's ban of crypto currencies, I have never doubted that their government will make a smart decision eventually. I'm glad they are on the right path.

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gentlemand
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May 26, 2018, 07:48:32 PM
 #7

As far as I understand only the receiver (or buyer of BTC in our case) pays the tax. It would be very silly if both, the buyer and the seller, were obliged to pay the tax but it is not the case imo. CMIIW.

Regarding the India's ban of crypto currencies, I have never doubted that their government will make a smart decision eventually. I'm glad they are on the right path.

Either is daft. It makes no sense. It's not a product. It should be treated as a foreign currency. If you had to pay VAT on your dollars or Euros you wouldn't be too impressed and mystified on top. And if you make enough difference converting your foreign currency back to your local one if exchange rates change enough you pay capital gains.

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May 26, 2018, 07:52:40 PM
 #8

In most neutral countries i suspect crypto is treated as an investment and
with investments you pay tax on profits. I think India realise bitcoin and
crypto can operate with whatever ban is introduced because they cannot
control it, So they realise they can earn some taxes from people transferring
crypto back into FIAT.

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May 26, 2018, 08:53:45 PM
 #9

Japan's example is open for all governments to look at, and yet they feel the need to follow their own rubbish way of regulating the market in a ridiculous manner. If that's the best they can offer, then keep everything 'banned'. Japan has generated over $50 billion in tax income after their regulations, which should function as benchmark for other countries. It doesn't mean Japan's regulations are friendly in all aspects, but they clearly do it right. The thing is that governments 'banning' crypto currencies see how usage moves underground, which is something authorities don't have control over. Regulations means you can control the centralized part of this market, where bans and whatnot grant you zero control....
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May 26, 2018, 09:44:32 PM
 #10

Silly. 18% every time you buy or sell it? Australia tried that for a bit and rapidly abandoned it. It's not a good.

The most sensible tax is capital gains when you sell and your profit is above a certain threshold and the bog standard VAT just like everything else if you're buying stuff with it.

And considering what India was willing to do to its population when it came to cash and gold I can't imagine it's going to flourish for long.

That is the most sensible thing to do and what I understand is being done now. Capital gains tax is applicable on the sale of any item at a profit and Bitcoin would certainly come under that. Goods and Services tax which is being talked about here goes beyond that.


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May 26, 2018, 10:52:32 PM
 #11

Silly. 18% every time you buy or sell it? Australia tried that for a bit and rapidly abandoned it. It's not a good.

The most sensible tax is capital gains when you sell and your profit is above a certain threshold and the bog standard VAT just like everything else if you're buying stuff with it.

And considering what India was willing to do to its population when it came to cash and gold I can't imagine it's going to flourish for long.

As far as I understand only the receiver (or buyer of BTC in our case) pays the tax. It would be very silly if both, the buyer and the seller, were obliged to pay the tax but it is not the case imo. CMIIW.

Regarding the India's ban of crypto currencies, I have never doubted that their government will make a smart decision eventually. I'm glad they are on the right path.

Anyway, this is a positive news for the crypto exchange markets. I expected that the government of India will change their opinion. Probably, their Central Reserve Bank threatened by banning the crypto currencies in order to announce this tax politics. I guess that the tax 18% will be reduced in the future.
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